Asked by Ranjani Ramaswamy on Jun 17, 2024
Verified
An externally focused process of analyzing costs in terms of the overall supply chain is called strategic cost management.
Strategic Cost Management
The process of reducing operational costs in a way that is aligned with the overall strategic goals of the organization, enhancing its value and competitiveness.
- Examine the cost framework of a manufacturing supplier to enhance cost control.
Verified Answer
JA
jegan annamalaiJun 23, 2024
Final Answer :
True
Explanation :
Strategic cost management involves looking beyond just the internal costs of a company and analyzing costs within the context of the entire supply chain, including suppliers, logistics, and distribution channels. This external focus allows companies to identify opportunities for cost savings and efficiency improvements throughout the supply chain.
Learning Objectives
- Examine the cost framework of a manufacturing supplier to enhance cost control.
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